Cantor Fitzgerald analyst William Tanner reiterated a Buy rating on Arena Pharma (NASDAQ: ARNA) yesterday and set a price target of $65. The company’s shares closed yesterday at $42.85.
Tanner wrote:
“: We reiterate our Overweight rating and $65 12-month PT for ARNA stock. Today, after market close, ARNA announced positive data from a Phase 2 trial of olorinab (aka APD371), the small-molecule, peripherally restricted, full agonist of the cannabinoid CB2 receptor, in subjects with abdominal pain associated with Crohn’s disease (CD).”
According to TipRanks.com, Tanner is a 3-star analyst with an average return of 2.5% and a 49.0% success rate. Tanner covers the Healthcare sector, focusing on stocks such as Supernus Pharmaceuticals, Intra-Cellular Therapies, and Aquinox Pharmaceuticals.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Arena Pharma with a $65 average price target.
See today’s analyst top recommended stocks >>
Based on Arena Pharma’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $31.83 million. In comparison, last year the company had a GAAP net loss of $23.32 million.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Arena Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the discovery, development, and commercialization of novel drugs that target G protien-coupled receptors. It offers drugs for treatment in the field of cardiovascular, central nervous system, inflammatory, and metabolic diseases.